Business
Clover Health Provides Business Update and Full-Year 2024 Objectives
FRANKLIN, Tenn., Jan. 10, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (“Clover,” “Clover Health” or the “Company”), a physician
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"FRANKLIN, Tenn., Jan. 10, 2024 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (“Clover,” “Clover Health” or the “Company”), a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, announced today that it is targeting Adjusted EBITDA profitability for the full-year 2024. (1) “I believe that we are at a critical inflection point in the trajectory of our business. Throughout 2023 our results, driven by strong Insurance performance, have proven the strength and agility of our model. With our purpose built technology, Clover Assistant, we have the ability to help physicians identify and manage chronic diseases earlier, which is a key lever in our push toward profitability. Going into 2024, we plan to harness the momentum generated last year to once again deliver superior results on a PPO chassis, while investing in the technology and programs to improve the health and well-being of our membership”, said Andrew Toy, Chief Executive Officer of Clover Health. “We are targeting to achieve our goal to deliver profitability on an Adjusted EBITDA basis for full-year 2024. To accomplish this, we will continue to focus on improving MA-plan performance while reducing operational spend, drive increasing value from Clover Assistant’s capabilities, further invest in our robust care management assets, such as Clover Home Care, and expanding our offerings to empower every primary care physician”, continued Mr. Toy. “Our team has worked relentlessly to position the Company to achieve our goals in 2024, and continue to drive toward Clover’s long-term growth levers.” “During the most recent Medicare Advantage Annual Enrollment Period, we once again priced our Insurance plans to target profitability with an intentional focus on member retention within our core markets, rather than membership expansion, to push towards sustainable profitability this year”, said Mr. Toy. “We intend to issue full guidance for full-year 2024 at a later date. However, this business update, and our strengthened conviction in targeting Adjusted EBITDA profitability this year, highlights the anticipated favorable impact of our ongoing strategy to deliver a sustainable, profitable Clover Health to our stakeholders.” (1)Adjusted EBITDA is a non-GAAP financial measure. Additional information about the Company's...